Sen. Susan Collins, R-Maine, today unequivocally supported the insurance industry's contention that the Federal Reserve Board was wrong in seeking to impose "bank-centric" rules on insurers subject to Fed regulation.
She testified before a Senate committee that her amendment to the Dodd-Frank Act dealing with minimum-capital standards for bank and thrift holding companies regulated by the Fed does not require the Fed to supplant prudential state-based insurance regulation with a bank-centric capital regime for insurance activities.
Two types of insurers are overseen by the Fed: systemically significant financial institutions, or SIFIs, such as American International Group and Prudential Financial, and most likely, MetLife; and insurers operating savings and loans.
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